Market Insight:
A flat roof is a kind of external form of roofing solution. The flat roof has a gentler roof with a slope of almost 5%. Flat roofs are commonly employed in dry conditions and allow for the utilisation of roof space as a living space.
Modern building designs have evolved significantly. Flat roofing style has grown highly common in corporate centres, particularly in the last few decades. The key reason for such quick acceptance is the multiple advantages it provides. The flat roof is more durable and visually pleasant than the sloping roof style. It has solved the problem of space constraints on the top floors of buildings, allowing the rooftop to be used for activities. Therefore, the flat roofing systems market is expected to flourish in the coming years. The global flat roof systems market is expected to record a value of US$56.37 billion in 2023, witnessing growth at a CAGR of 2.16% during the forecast period.
Segment Covered:
Geographic Coverage:
Asia Pacific dominated the market with largest share, owing to an increase in reconstruction activities in countries such as Malaysia, Singapore, Nepal, and Srilanka. In addition, North America is divided based on material type: Bituminous and Others. North America is further bifurcated on the basis of application: Commercial, Residential, and Industrial. The commercial sector is holding the major share in the market as flat roofs allow businesses to store and service A/C units on the roof easily, which saves real estate within the store and frees up parking spaces as well.
Top Impacting Factors:
Growth Drivers
Challenges
Trends
Driver: Increasing Number of Warehouses
Roofing is one of the most exposed parts of a warehouse building system facing harsh weather conditions. Appropriate roof for warehouses depends on the location, size, usage, and time. Many flat-roofed warehouses employ metal as a roofing material due to its practicality, longevity, and efficiency. Metal roofs on flat-topped structures can last for over 30 years and are the go-to choice for most property owners due to their ease of repair and durability. Additionally, many contractors charge much less for labor on flat roofs due to the simplicity of installation. Therefore, the rise in the number of warehousing and other industrial buildings in the emerging economies is expected to increase the demand for flat roofing in the coming years.
Constant volatility in the prices of raw materials is adversely affecting the flat roofing market. Bitumen or asphalt is the major raw material used in the manufacturing of bituminous roofing materials, which is the leading product segment of the flat roofing market. Gasoline is a key raw material for bitumen. An increase in the prices of gasoline has been adversely affecting the supply of bitumen and asphalt. Furthermore, the high cost of manufacturing techniques such as the oxidation process has raised the production cost of bituminous roofing. Additionally, high prices of polymer and fiber cement are estimated to hamper the flat roofing market during the forecast period. Day by day the cost of raw materials is rising and with material hikes cost of production is getting higher. The manufacturers are finding solutions for cutting down the cost by implementing a hybrid roofing system.
Green roofs provide views of natural greenery and absorb sound and air pollutants, benefiting the occupants of neighboring buildings. Green roofs are easier to install and maintain on a flat roof surface. They can be installed on low-sloping roofs surfaces without the need for stabilization. Whereas, the surfaces with a steep slope require an additional reinforcing system such as a tray planting or terracing system to hold soil in place. Therefore, as green roofing is accepted widely, the demand for flat roofing systems is expected to increase simultaneously in the coming years.
The COVID-19 Analysis:
The flat roofing market growth was negatively affected by the COVID-19 pandemic in early 2020, as lockdowns, social distancing measures, and trade sanctions have triggered massive disruptions to global supply chain networks. A major challenge that the flat roofing market faced during the initial period of the COVID-19 outbreak was the low availability of the workforce and rising labor costs. After a period of contraction in demand, flat roofing demand would be supported by an increase in housing starts and the efforts of building owners to repair or replace the nation’s large stock of structures with older or worn roofs, thus resulting in a positive growth outlook. Also, virtual communications with homeowners have been growing in popularity, as have touch-free orders, pickups, and deliveries.
Analysis of Key Players:
The global flat roofing systems market is highly fragmented, with many players holding trivial market share. The key players of the global flat roofing systems market are:
Vendors working in the flat roofing market are focused on the development of durable as well as easy-to-install products. Apart from this, the growing efforts of major players to offer cost-effective and superior quality products are expected to fuel the growth of the global flat roofing systems market in the coming years. Some of the strategies among key players in the market for flat roofing market are partnerships, mergers, acquisitions, and collaborations. For Instance, in 2021, Holcim acquired several businesses including Edile Commerciale; Heinrich Teufel GmbH & Co. KG; Utelite Corporation; Patriot Ready Mixed Concrete. Moreover, Carlisle Construction Materials would produce the commercial roofing industry’s first 16-foot-wide TPO membranes.